Kotak Mahindra Life Insurance

Overview of Kotak Mahindra Life Insurance  

Kotak Mahindra Life Insurance Company Limited (Kotak Life) is a 100% owned subsidiary of Kotak Mahindra Bank Limited (Kotak). Kotak Life provides world-class insurance products with high customer empathy. Its product suite leverages the combined prowess of protection and long-term savings. Kotak Life has covered over 27 million lives as of 30th June 2019.

Company Website

https://insurance.kotak.com/

Year of Establishment

2001

Head Quartered

Mumbai

Chairperson

Uday Kotak

Parent Organization

Kotak Mahindra Bank

Kotak Mahindra Group is a reputed banking and financial services organization in India. It offers an extensive range of financial products to meet both corporate and individual investment needs.

Kotak Mahindra Life Insurance Product Portfolio

Kotak offers a wide range of life insurance products. Following is the product portfolio of Kotak Life Insurance:

Kotak Term Insurance Protection Plan

These life insurance plans are pure risk cover plans, which provide high insurance coverage to the family of the insured at a nominal premium rate.

1. Kotak Term Plan

This is a pure risk cover plan, which provides insurance coverage to the family of the insured in case of any eventuality. Moreover, the Kotak term plan is a convertible plan which can be converted to a Kotak Mahindra Life insurance plan before the last 5 years of the policy. Let’s take a look at the features of the policy.

Features of Kotak Term insurance Plan

  • The plan offers a high level of protection at a nominal premium rate.
  • The plan offers flexible premium payment options to choose from.
  • It can be converted to a life insurance plan before the completion of the last 5 years policy.
  • The plan offers additional rider benefits to enhance the coverage of the policy.
  • Tax benefits can be gained U/S 80C and 10(10D) of the Income Tax Act.

Eligibility Criteria of Kotak Term insurance Plan

Criteria

Minimum

Maximum

Entry Age

18 years

65 years

Maturity Age

70 years

Policy Term

5 years

30 years

Sum Assured

Rs.3,00,000

Rs. 24,99,999

2. Kotak e-Term insurance Plan

Kotak e-Term plan is an online term insurance plan, which is specifically designed to provide financial security to the family of the insured against any emergency. The plan offers financial protection in form of the death benefit to the beneficiary of the policy in the event of the unfortunate demise of the insured person. The following are some of the features of the policy.

Features of Kotak e-Term insurance Plan

  • The plan offers a high level of insurance coverage at a nominal premium rate.
  • The policy offers multiple cover options to choose from.
  • The plan comes with 3 pay-out options.
  • The policyholder can increase or decrease the life cover based on various life stages.

Eligibility Criteria of Kotak Term Plan

Criteria

Minimum

Maximum

Entry Age

18 years

65 years

Maturity Age

23 years

75 years

Policy Term

5 years

40 years or 75 years-Age at entry

Sum Assured

Rs.25,00,000

No upper limit

Kotak Life Insurance Savings and Investment Plan

Kotak Mahindra life insurance offers an extensive range of investment and savings plans that helps the customer to accumulate wealth in the long-term and also provides an opportunity to create a financial cushion for the family. Here are the savings and investment plans offered by Kotak Life Insurance.

1. Kotak Invest Maxima

This is an investment-oriented unit-linked life insurance policy that offers the combined benefit of insurance and investment returns. The plan comes with a lock-in period of 5 years and offers 5 different fund options to choose from. Along with the benefit of investment return and wealth creation in the long-term, the plan also provides financial security to the insured’s family in case of any eventuality. let’s take a look at some of the features of the policy.

Features of Kotak Invest Maxima

  • The plan offers 5 different fund options to choose from.
  • The policyholder can switch between funds as per their requirements.
  • A zero premium allocation charge applies to the policy.
  • The plan offers rewards for staying invested for a longer tenure.
  • The policyholder can choose the policy tenure and premium paying tenure as per their suitability and requirement.

Eligibility Criteria of Kotak Invest Maxima Plan

Let’s take a look at the eligibility criteria of the policy.

Criteria

Minimum

Maximum

Entry Age

0 years

65 years

Maturity Age

10 years

75 years

Policy Term

10 years, 15 years, 20 years, 25 years, and 30 years

Premium Paying Term

Regular pay, Limited Pay

2.Kotak Single Invest Plus

This is a single premium payment unit-linked insurance plan wherein the policyholder needs to pay the premium as a lump-sum and can reap the benefits through the tenure of the policy. the plan comes with a joint-life protection cover and offers different fund options to choose from. Here are the features of the policy.

Features of Kotak Single Invest Plan

  • The plan offers the convenience of the one-time payment i.e. single premium payment.
  • The plan offers the option of a joint life cover.
  • The plan offers the advantage of loyalty addition.
  • The plan offers 5 different fund options to invest in.
  • Tax benefits can be availed U/S 80C and 10(10D) of the Income Tax Act.

Eligibility Criteria of Kotak Single Invest Plan

These are the eligibility criteria of the policy.

Criteria

Minimum

Maximum

Entry Age

Primary Life- 18 years

Secondary Life- 3 years 

55, 52 years

55, 52 years

Maturity Age

Primary Life- 28 years

Secondary Life- 18 years

65, 67 years

65, 67 years

Policy Term

10 years and 15 years

Premium Paying Term

Single Pay

3.Kotak Platinum Plan

This is a unit-linked insurance plan that comes with three investment strategies and offers flexibility to the insurance holder. The policy offers an extensive option to diversify the wealth so that the policyholder does not have to look for any other investment options. The following are some of the features of the policy.

Features of Kotak Platinum Plan

  • The plan includes minimum charges in exchange for the maximum returns.
  • The plan comes with three different investment strategies with an objective to create maximum profit to the policyholder.
  • At the end of the 10th policy year and 5th policy year, survival units equal to 2% of the average fund value is offered to the insured person.
  • The plan offers a flexible premium payment period to the policyholder.

Eligibility Criteria of Kotak Platinum Plan

These are the eligibility criteria of the policy.

Criteria

Minimum

Maximum

Entry Age

0 years 

65 years

Maturity Age

18 years

75 years

Policy Term

10 years

30 years

Premium Paying Term

Regular Pay, limited pay

4.Kotak Ace Investment

This is a unit-linked insurance plan, which is specifically designed to provide insurance coverage to the family of the insured along with the benefit of investment return. The plan offers the option to choose from different fund options to invest in so that you can accumulate wealth in the long term along with the benefit of insurance coverage. The following are some of the salient features of the policy

Features of Kotak Ace Investment

  • The plan includes minimum charges in exchange for the maximum returns.
  • The plan comes with three different investment strategies with an objective to create maximum profit to the policyholder.
  • The plan offers a flexible premium payment period to the policyholder.
  • The plan offers the option to add more to the savings through the top-ups.
  • Tax benefits can be availed U/S 80C and 10(10D) of the IT Act.

Eligibility Criteria of Kotak Ace Investment

These are the eligibility criteria of the policy.

Criteria

Minimum

Maximum

Entry Age

0 years 

65 years

Maturity Age

18 years

75 years

Policy Term

10, 15, 20, 25 and 30 years

Premium Paying Term

Regular Pay, limited pay

5. Kotak Premier Endowment Plan

This is a savings cum insurance plan, which offers guaranteed addition in the first 5 policy years. The plan helps the insured to create a financial cushion for the future and also provide insurance coverage to the family against any type of eventuality. The following are the features of the policy.

Features of Kotak Premier Endowment Plan

  • The plan offers a guaranteed addition at 5% p.a. in the initial 5 years of the policy.
  • Bonuses start accruing from the 6th policy years onwards.
  • The plan offers the option to choose from different premium payment tenure.
  • Add-on coverage is offered through optional rider benefits.

Eligibility Criteria of Kotak Premier Endowment Plan 

These are the eligibility criteria of the policy.

Criteria

Minimum

Maximum

Entry Age

18years 

60 years

Maturity Age

70 years

Policy Term

10, 15, 20, and 30 years

Premium Paying Term

Regular Pay, limited pay

6. Kotak Premier Moneyback Plan

This is a limited pay moneyback policy that provides a lump-sum payout to the insured at regular intervals so that he/she can meet the short-term financial requirements let’s take a look at the features of the policy.

Features of Kotak Premier Moneyback Plan

  • The plan offers regular payout at specific intervals through the tenure of the policy.
  • Along with the final payout at the end of the policy tenure, a lump-sum maturity benefit is payable to the insured depending on the chosen policy tenure.
  • Enhanced death coverage with the additional payout on accidental death.
  • Bonuses are declared after the completion of the 1st policy year.

Eligibility Criteria of Kotak Moneyback Plan

These are the eligibility criteria of the policy.

Criteria

Minimum

Maximum

Entry Age

2 years 

57,55,51 (years)

Maturity Age

75 years

Policy Term

16, 20, and 24 years

Premium Paying Term

limited pay

7. Kotak Premier Income Plan

This is a savings cum protection plan that offers a guaranteed annual income immediately after the premium payment tenure to provide additional annual income. The plan offers accrued bonuses in lump-sum at the end of the policy tenure. The following are the key features of the policy.

Features of Kotak Premier Income Plan

  • The plan offers guaranteed annual/monthly income.
  • The plan offers enhanced sum assured rates for female lives and higher premiums.
  • The policyholder can enjoy upside potential through bonuses accruing throughout the tenure of the policy.
  • The plan offers add-on rider benefits to enhance the coverage of the policy.

Eligibility Criteria of Kotak Premier Income Plan

These are the eligibility criteria of the policy.

Criteria

Minimum

Maximum

Entry Age

3 years 

50, 55 (years)

Maturity Age

18 years

78 years

Policy Term

15, 19, and 23 years

Premium Paying Term

limited pay

8. Kotak Premier Life Plan

This is a non-linked participating whole life plan, which provides coverage for the whole life of the insured i.e up to 100 years. Moreover, under this plan, the insured can choose to receive the bonus payouts even after the expiry of the premium payment tenure of the policy. let’s take a look at the features of the policy.

Features of Kotak Premier Life Plan

  • The plan offers coverage up to the age of 100 years.
  • A simple reversionary bonus is declared from the 1st policy year till the end of the premium paying tenure of the policy.
  • The plan offers a premium rebate for a higher sum assured on maturity and female lives.
  • The plan offers the benefit of a bonus payout

Eligibility Criteria of Kotak Premier Life Plan

The following are the eligibility criteria of the policy.

Criteria

Minimum

Maximum

Entry Age

3 years 

55, 53, 50, 45 (years)

Maturity Age

99 years

Policy Term

99 years minus age at entry of the policy

Premium Paying Term

8,12,15 and 20 years

9. Kotak Sampoorn Bima Micro-Insurance Plan

This is a non-participating, non-linked endowment plan that offers the combined benefit of savings and protection. The plan helps to create a financial cushion in the long-term and also provides life coverage to the family of the insured against any type of eventuality. Here are the features of the policy.

Features of Kotak Sampoorn Bima Micro- Insurance Plan

  • This is a single premium payment policy.
  • The plan offers a guaranteed payout on the maturity of the policy and in case of the unfortunate demise of the insured person.
  • No medical test is required while purchasing the policy.

Eligibility Criteria of Kotak Sampoorn Bima Micro-Insurance Plan 

The following are the eligibility criteria of the policy.

Criteria

Minimum

Maximum

Entry Age

18 years 

55 years

Maturity Age

60 years

Policy Term

5 years

Premium Paying Term

Single

10. Kotak Single Invest Advantage

This is a single premium payment unit-linked insurance plan, which offers the dual benefit of investment and insurance to the policyholder. Under this plan, the policyholder can gain the advantage of wealth creation with the long-term investment returns along with the benefit of insurance coverage to the family of the insured. The following are the features of the policy.

Features of Kotak Single Invest Advantage

  • This is a single premium payment policy.
  • The plan offers the advantage to boost savings with loyalty additions
  • The plan offers 3 different coverage options to choose from.

Eligibility Criteria of Kotak Single Invest Advantage  

These are the eligibility criteria of the policy.

Criteria

Minimum

Maximum

Entry Age

10 years PT- 8 years

15 years PT- 3 years 

45 years

43 years

Maturity Age

10 years PT- 18 years

15 years PT- 18 years 

55 years

58 years

Policy Term

10 years and 15 years

Premium Paying Term

single pay

11. Kotak POS Bachat Bima Plan

This is a savings cum protection oriented plan offered by Kotak Mahindra life insurance. The plan provides guaranteed benefits and also secures the financial future of the family in case of any eventuality. Kotak Life Insurance POS Bachat Bima Plan provides different life cover options to choose from. Let’s take a look at the features of the policy.

Features of Kotak POS Bachat Bima Plan

  • The policyholder can choose from two different coverage options i.e. Life and life Plus.
  • The plan provides a double protection cover on accidental death with life plus option.
  • Guaranteed yearly addition accruing throughout the policy tenure.
  • The plan offers guaranteed loyalty addition payable on maturity.

Eligibility Criteria of Kotak POS Bachat Bima Plan 

These are the eligibility criteria of the policy.

Criteria

Minimum

Maximum

Entry Age

12 years 

45 years

Maturity Age

28 years

65 years

Policy Term

16 years/20 years

Premium Paying Term

limited pay

12. Kotak Assured Income Accelerator Plan

This is a non-participating guaranteed income endowment plan. This plan offered by Kotak life insurance ensures that you have a regular flow of income along with the benefit of savings in the long-term. Let’s take a look at the features of the policy.

Features of Kotak Assured Income Accelerator Plan

  • The plan offers guaranteed income to the policyholder every year during the policy payout period.
  • The guaranteed income increases from 5%-7% yearly through income booster.
  • For a higher yearly premium rate, the policyholder receives a higher guaranteed income.
  • The plan offers a death benefit to the beneficiary of the policy in case of the unfortunate demise of the insured person along with the benefit of guaranteed income.
  • Maturity benefit is also offered by the policy along with the last payout.

Eligibility Criteria of Kotak Assured Income Accelerator Plan   

These are the eligibility criteria of the policy.

Criteria

Minimum

Maximum

Entry Age

0 years 

60, 55 (years)

Maturity Age

18 years

85 years

Policy Term

15 years, 20 years, and 30 years

Premium Paying Term

limited pay


13. Kotak Assured Savings Plan


This plan offered by Kotak Mahindra life insurance is a savings cum protection plan, which provides an opportunity to the policyholder to create wealth in the long-term by savings and also provides insurance coverage for their family against any type of eventualities.  The following are the features of the policy.

Features of Kotak Assured Savings Plan

  • The plan offers a guaranteed maturity benefit at the end of the policy tenure in case the insured survives the entire tenure of the policy.
  • The policyholder can choose the option of increasing life cover.
  • Increasing guaranteed yearly additions and guaranteed loyalty addition is offered by the insurer for the longer premium payment tenure.
  • The plan offers different rider options to choose from to enhance the coverage of the policy.

Eligibility Criteria of Kotak Assured Savings Plan  

These are the eligibility criteria of the policy.

Criteria

Minimum

Maximum

Entry Age

3 years 

60 years

Maturity Age

18 years

75 years

Policy Term

10, 12, 14,15, 18 years & 20 (years)

Premium Paying Term

limited pay

14. Kotak Classic Endowment Plan

This plan offers by Kotak Mahindra life insurance is a savings cum protection plan, which provides an opportunity to the policyholder to create wealth in the long-term by savings and also provides insurance coverage for their family against any type of eventualities.  The following are the features of the policy.

Features of Kotak Classic Endowment Plan

  • The plan provides long-term financial protection to the family of the insured along with the benefit of participating in the endowment plan.
  • Bonuses can be availed from the 1st policy year.
  • The plan offers the convenience to pay the premium as per the affordability of the insured.
  • The policyholder can choose from an extensive range of policy term options as per their suitability.
  • The plan offers a discount for a higher sum assured amount on maturity.
  • The plan offers rider options to enhance the coverage of the policy.

Eligibility Criteria of Kotak Classic Endowment Plan

These are the eligibility criteria of the policy.

Criteria

Minimum

Maximum

Entry Age

0 years 

70,60 58 (years)

Maturity Age

18 years

70, 75, 73 (years)

Policy Term

15years-30 years

Premium Paying Term

limited pay, regular pay

15. Kotak Smart Life Plan

This is a participating, non-linked life insurance plan offered by Kotak life insurance. This is an endowment policy, which helps the policyholder to fulfill their financial objectives of life and also take care of the family even in your absence. The following are the features of the policy.

Features of Kotak Smart Life Plan

  • Offers insurance coverage up to the age of 75 years.
  • The plan provides the convenience to choose the bonus option.
  • The policyholder can avail of the bonus from the end of the 1st policy year onwards.
  • Additional protection is offered by the policy through rider benefits.

Eligibility Criteria of Kotak Smart Life Plan

These are the eligibility criteria of the policy.

Criteria

Minimum

Maximum

Entry Age

3 years 

50,55,54 (years)

Maturity Age

75 years

Policy Term

75 years minus the age at entry

Premium Paying Term

6. 8, 10, 12, and 15 years

16. Kotak Guaranteed Savings Plan

This plan offered by Kotak Mahindra life insurance is a savings cum protection plan, which provides an opportunity to the policyholder to create wealth in the long-term by savings and also provides insurance coverage for their family against any type of eventualities.  The following are the features of the policy.

Features of Kotak Guaranteed Savings Plan

  • The plan offers the option of limited premium payment.
  • Guaranteed yearly addition accruing throughout the policy tenure.
  • Guaranteed loyalty addition is offered at the end of the policy tenure.
  • Enhanced coverage is offered through the optional riders.

Eligibility Criteria of Kotak Smart Life Plan

These are the eligibility criteria of the policy.

Criteria

Minimum

Maximum

Entry Age

3 years 

60 years

Maturity Age

18 years

75 years

Policy Term

14, 15, 16, and 20 years

Premium Paying Term

7 years, 8 years, and 10 years

Kotak Life Insurance Retirement Plans

Kotak Life Insurance Retirement Plan is specifically designed to secure the financial future of the individual after retirement. The retirement plans offered by Kotak Mahindra Life Insurance helps to accumulate funds in the long-term so that one can enjoy the golden days of retirement and can have a regular flow of income after retirement.  The retirement plans offered by Kotak Mahindra Life Insurance are:

Kotak Lifetime Income Plan

This is a non-participating, non-linked immediate annuity plan, which provides a guaranteed income to the policyholder in form of an annuity right after the payment of premium as lump-sum. The plan provides an assured income continuously throughout the life of the insured and in the absence of the insured throughout the lifetime of the spouse. The following are the features of the policy.

Features of Kotak Lifetime Income Plan

  • Ensured financial independence post-retirement.
  • Offers an extensive range of income options to choose from.
  • The policyholder can choose to receive an annuity on a monthly, quarterly, half-yearly, and yearly basis.

Eligibility Criteria of Kotak Lifetime Income Plan

These are the eligibility criteria of the policy.

Criteria

Minimum

Maximum

Entry Age

45,55 years 

99 years

Minimum Annuity

Monthly- Rs.1,000

Quarterly-Rs.3,000

Half-Yearly- Rs.6,000

Yearly- Rs.12,000

Annuity Modes

Yearly, half-yearly, quarterly, monthly

Kotak Premier Pension Plan

This is a traditional participating pension plan that helps the insured to accumulate a retirement fund for the future so that they can live a hassle-free and stress-free retirement life. The plan provides guaranteed benefits on death and vesting. The following are the features of the policy.

Features of Kotak Premier Pension Plan

  • A guaranteed addition as % of basic sum assured is added at the end of the financial year in the first 5 policy years.
  • The guaranteed additional benefit is payable n vesting or death of the insured, whichever is earlier.
  • From the 6th policy, year bonuses accrue.
  • The plan offers assured benefits to the insured.
  • Add-on coverage is offered under the policy through an optional rider.

Eligibility Criteria of Kotak Premier Pension Plan

These are the eligibility criteria of the policy.

Criteria

Minimum

Maximum

Entry Age

30years 

55,60 (years)

Vesting Age

45years

70 years

Policy Term

Regular Pay- 10years-30 years

Limited Pay- 15, 17  (years)-30 years

Single Pay- 10 years-15 years

Premium Paying Term

Regular pay, limited pay & single pay

How to File a Claim for Kotak Life Insurance Policies?

The process to file a claim for Kotak life insurance policies is very simple and hassle-free. The individual can opt for either an online process or offline process to file the claim for Kotak life insurance policies. Let’s take a look at the online and offline process of claim settlement for Kotak life insurance policies.

Online Filing

  • The claimant will need to visit the official website of Kotak Mahindra Life Insurance.
  • He/she will have to fill an online form named ‘Book a New Claim’.
  • The claimant will need to fill in the basic details and click on the generate OTP option.
  • After the completion of this process, the beneficiary/nominee of the policy will need to submit the required documents to the company.
  • Once the insurance company verifies the claim filed by the claimant, they will settle it within 7-15 days (if approved)

Offline Filing

  • To file the claim, the nominee/beneficiary of the policy will need to visit the nearest branch office of Kotak Mahindra's life insurance and submit the important documents along with the thoroughly filled claim form.
  • Once the claim form is submitted properly along with the required documents the insurance company will verify it and the proceeds will be payable to the claimant within 7-15 days.

Kotak Life Insurance Distribution Network

The distribution network of Kotak Mahindra Life Insurance Company includes retail distribution through the branch offices, insurance agencies, individual agent networks, and insurance brokers for claim settlements. It has offices across over 400 cities and towns in India. Kotak Life products are also available online through their website and insurance aggregators.

Kotak Life Insurance - FAQs

  • How to pay a premium? What are the modes of payment available?

    Kotak Mahindra Old Mutual Life insurance company Ltd. offers 12 modes of premium payment namely:
    • / cheque payment at the branch
    • Online Payment
    • Payment at the Kotak bank ATM drop boxes
    • NEFT
    • ECS
    • Standing Instructions
    • Direct Debit
    • IMPS
    • Payment thorough bill desk
    • Electronic bill payment
    • Postal money order
    • Bank guarantee

      For the online payment mode, the policyholder can pay via;
    • Credit Card,
    • Debit Card
    • Net banking
  • How can I check policy status?

    If you are a registered user, simply log into the e-Portal with your policy details to check the policy status.
  • What is the policy renewal process?

    If you are a registered user, you can pay online in 3 easy step

    Step 1: Logging into the e-Portal with your policy details to check the policy status.

    Step 2: Select the policy and payment option- Net Banking. Debit/Credit Card

    Step 3: Pay via the secured gateway and print/save the recipt of payment.

    In the offline mode, you deposit /cheque at the nearest branch.

  • What is the company’s process to settle claim?

    The nominee needs to intimate the company on the toll free number 1800-209-8800 or can visit the branch personally with the policy document and accidental/death certificate. The nominee must fill a claim intimation form and then the company will provide a reference number to him. Usually within 30 days the accidental/death claim without investigation cases is cleared.
  • What is the policy cancellation process?

    Submit your policy documents along with duly filled surrender form at the service desk in any of the branches. Upon successful proccedings, the refund will be credited directly into your bank account and the policy stands cancelled. The comoany claims to setlle it within 7 working days.
  • What are the benefits offered under Kotak Life Guardian Benefit Rider?

    In case of demise of the insured during the rider benefit tenure and the beneficiary proving the  same to the satisfaction of the company, the future premiums of the policy in respect of all other benefits in force should be paid by the insurance company subject to following conditions:
    • The policy is in force on the date of death of the insured.
    • The correct age of the insured is declared in the proposal form.
    • The beneficiary of the policy has submitted all the required documents along with the proof of death of the insured to the insurer.
  • Is there premium flexibility under the Kotak Term Plan Benefit Rider?

    Yes, Kotak Term benefit rider offers the flexibility to pay the premium in single pay, limited pay, or regular pay. 
  • In Kotak Platinum policy, can I partially withdraw my funds in the second year?

    No, partial withdrawal is applicable in Kotak Platinum plan after the completion of 5 policy years.
  • What are the different Insurance Riders provided by Kotak Mahindra Life Insurance?

    Ans-  Different rider benefits offered by Kotak Mahindra Life Insurance are:
    • Kotak Accidental Death Benefit Rider
    • Kotak Term Benefit Rider
    • Individual Riders
    • Kotak Permanent Disability Benefit Rider
    • Kotak Permanent Disability Benefit Rider (Linked)
    • Kotak Accidental Death Benefit Rider (Linked)
    • Kotak Critical Illness Plus Benefit Rider
  • Are there any exclusion under the 'Accidental Death Benefit' provision in the Kotak POS BachatBima Plan?

    Ans-  Accidental death benefit  shall not be paid to the nominee in case the life insured dies directly or indirectly as a result of any of the following:
    • Suicide or intentionally self-inflicted injury, while sane or insane.
    • Life insured being under the influence of alcohol, drugs, psychotropic substance or narcoticsunless taken under the lawful directions and prescription of a Doctor
    • Life Insured committing a criminal offense, an assault, illegal activity or any breach of law with criminal intent
    • Engaging in hazardous activities, sport/hobbies.
  • Can I avail loan under my Kotak Mahindra Life  Assured Income Accelerator plan?

    Ans-  Yes, policy loan can be availed under this plan up to 80% of the surrender value subject to a minimum loan amount of Rs.10,000.

Kotak Life Insurance - Latest News

  • Kotak e-Term Plan Launched by Kotak Life Insurance Company

    Kotak Mahindra Life Insurance Company recently launched its new e-Term Plan. The new Kotak e-Term Plan comes in three comprehensive cover options – Life option, Life Plus option, and Life Secure Option.
    • Life Option – It offers 100% of the Sum Assured on the death of the life insured.
    • Life Plus Option – It offers 100% of the Sum Assured as death benefit upon accidental death of the life insured in addition to the death benefit. The maximum death benefit payout is subject to a maximum limit of Rs. 1 Crore.
    • Life Secure Option – It offers the benefit of premium waiver in the event of total & permanent disability of life insured. The death benefit of the plan stays intact for this variant until the end of the policy term.

    This new term plan from Kotak Life Insurance Company also provides policy holders with options to avail additional cover at different intervals to take care of their increasing responsibilities. In addition, nominees are allowed to choose from three payout options. These options are:

      • Lump-Sum Payout – 100% of the Sum Assured is paid out in one lump-sum and the policy will be terminated.
      • Recurring Annual Payout – 10% of the Sum Assured is paid out at the time of claim settlement and 6% of the Sum Assured is paid out each year for 15 years.
      • Increasing Recurring Annual Payout - 10% of the Sum Assured is paid out at the time of claim settlement and 6% of the Sum Assured is paid out at the end of the first year. In addition, the pay-out will increase by 10% per annum. These payouts are paid at the end of each year for 15 years.

    The plan allows policyholders with an option to choose from different rider benefits for additional premium. Two of the best riders under this plan, Critical Illness Plus Benefit rider and Permanent Disability Benefit Rider provide protection against 37 critical illnesses and comprehensive coverage against accidental permanent disability.

    Kotak e-Term plan has been carefully conceptualized to ensure coverage for the diverse protection needs and risk cover necessities of policyholders. The policy is affordable, customizable and comes packed with impeccable services.

  • Mahindra Finance A Minority Stakeholder In Kotak Mahindra Insurance Accredited With Maturity Level 3

    Mahindra Mahindra Financial Services Limited (Mahindra Finance), which holds minority stake in Kotak Mahindra Insurance company, one of India’s leading private insurers, is one of the first insurance broking company to be accredited with Maturity Level 3 of the People Capability Maturity Model (People-CMM) globally. With this rating, it now shares the same space with companies who practice People-CMM such as Tata Consultancy Services, Accenture, Wipro, CMC, LT Infotech, etc. P-CMM, an organizational transformation model was created by the CMMI Institute, USA. This institute is a subsidiary of Carnegie Mellon University and aims at uplifting the organizational performance by bringing forth best-in-class solutions to meet challenges in the real-world. A top official at Mahindra Finance said that the accredition shows the organization’s consistent commitment towards development of its workforce, its focus point being to add value to its customer base, and bringing about positive change in peoples’ lives, which stands similar to the organizational goals of Kotak Mahindra Insurance company.
  • Kotak Life expects to increase its first premium income by 50% in FY 2015-16

    January 28, 2016: Kotak Life Insurance is expecting to collect Rs 900 crore as its first premium income in this financial year, 2015–16. Its first premium income in financial year 2014–15 was Rs 600 crore. Speaking during the launch of Kotak Premier Life Plan in Kolkata, Suresh Agarwal, Senior EVP and Chief Distribution Officer of Kotak Life, told that his company is ranked seventh among the private sector life insurers in terms of accumulated premium income. Its total premium income, which includes new and renewal premium, for 2014–15 was Rs 3,000 crore. The company expects its total premium income to increase to Rs 3,500 crore in this fiscal. Suresh Agarwal said that the company is making profits and that it has no plans to hit the stock market as of now. He also said that Old Mutual Life of South Africa, which holds 26% in Kotak Life, has no plans to increase its stake.
  • Kotak Life launches a new plan; expects to collect Rs 3,500 crore premium in FY 2015-16

    January 7, 2016 : Kotak Mahindra Old Mutual Life Insurance Limited has launched a new plan called ‘Kotak Premier Life Plan’ on 7 January 2016. It is a participating whole life plan with limited premium payment offering protection till 99 years of age.Under this plan, customers can either opt to receive bonus payouts after the end of premium payment term or can accumulate them to create retirement corpus. Customers can withdraw from the accumulated corpus after the end of premium payment term.Speaking at a media conference on the launch of Kotak Premier Life Plan, Suresh Agarwal, chief distribution officer & senior EVP, Kotak Mahindra Old Mutual Life Insurance Ltd, termed this plan as an innovative, participating whole life product aimed at providing a strong foundation of insurance protection and a planned income for the customers.He further stated that Kotak Mahindra Old Mutual Life Insurance Ltd expects to collect a total premium of over Rs 3,500 crore in this financial year. During last financial year, Kotak Life collected Rs 1,400 crore in new business premium segment and Rs 1,500 crore in renewal premium segment.
  • Kotak Life Insurance has launched its Kotak Premier Life plan in Uttar Pradesh on January 27, 2016.

    It is a limited premium payment and participating whole-life plan, which can be either used for income benefits or for creating a tax-free corpus. Under this plan, the customer has the option to protect himself up to 99 years of age. It allows the customer to partly en his accumulated corpus during the policy term. The plan also offers discounts on premium for higher sum assured and additional discount on the lives of women insured.
  • Kotak Life Insurance gains market-share in southern India on the acquisition of ING Vysya Bank by Kotak Mahindra Bank.

    January 30, 2016: Kotak Life Insurance has registered nearly 50% year-on-year growth in its first premium income for the first nine months of the present financial year. This happened as it increased its exposure in the south Indian market due to the acquisition of Bengaluru-based ING Vysya Bank by Kotak Mahindra Bank in 2015. The acquisition has increased the contribution of the bancassurance business from 35% to 50%. Prior to the acquisition, ING Vysya Bank had about 677 branches, mostly in southern India. Post-acquisition, Kotak Mahindra Bank has a footprint of over 1,200 branches. According to Suresh Agarwal, chief distribution officer at Kotak Life Insurance, western and southern regions contribute 30% each to premium income with north and east giving about 20% business each. Kotak Life Insurance has collected Rs 1,289 crore as new premium in the first nine months compared to Rs 866 crore in the same period last fiscal while its peers, such as Birla Sun Life Insurance Company and Bajaj Allianz Life Insurance Company saw just about around 5% growth. Kotak Life Insurance is targeting Rs 3,500 crore of premium income in this financial year, of which about Rs 1,800 crore is being targeted from new business. According to the data compiled by Life Insurance Council, new business premium for the entire life insurance industry grew by 16% to Rs 85,588 crore in the first nine months of FY 2015-16. Public sector insurer, Life Insurance Corporation of India, registered 15.38% growth in new premium business compared to the private sector growth of 17.47%.
  • Kotak Life launched new campaign called ‘Koi Hai Hamesha’

    Kotak Mahindra Old Mutual Life Insurance (KLI) launched a new campaign called ‘Koi Hai Hamesha’ across TV and digital platforms in mid-January. Created by J Walter Thompson, it is aimed at audiences at the age group of 30-50 years. The campaign consists of two television commercials (TVCs), the main film being of 30 seconds’ duration and the next one is a sequel of 15 seconds. While the main film establishes a concern, the sequel ends with a solution with a happier and better informed protagonist. The first film shows a group of friends enjoying and thinking about how to plan their post retirement life. The second film gives out a clear message of how Kotak life Insurance has a perfect plan for an individual. According to Elizabeth Venkataraman, Executive VP & Head, Marketing, KLI, the main theme of the campaign is that life expectancy has gone up and many people may live up to 100 years, making the Indian blessing, ‘Sau Saal Jiyo’ a reality soon. The campaign provides the backdrop for the launch of a new whole life plan that protects your life and enables investments up to 99 years of age. According to Nandita Chalam, Senior VP & Executive Creative Director, J Walter Thompson, the thought behind the new campaign is that people should be planning for a longer life instead of the eventuality of death. The media plan covers leading Hindi & other regional entertainment channels as well as English language, regional and business news channels.
  • Kotak Life Insurance Ltd introduces a new Kotak coverage plan.

    Kotak Life Insurance (Kotak Mahindra Old Mutual Life Insurance Ltd) introduced its Kotak Premier Life Plan which is a Participating partial premium payment whole life plan.The Kotak Premier Life Plan is a new, participating whole life insurance plan for people from various income slabs so as to build a powerful base for life coverage and regular income through the life.

    Under this plan, the policyholder can pick from added paid-up options or payout. Under the added paid-up options the policyholders are allowed to get their paid-up additions using their bonuses which would accumulate in their plan making this plan an additional guaranteed assured-sum which is paid as maturity or death benefits. Also, after the expiry of the premium payment term funds can be withdrawn anytime from the accumulated funds. In the payout option, each year after the premium payment term the declared bonus is paid to the policyholder under the plan.

  • Kotak Mahindra shows a 50 % YoY growth

    The Kotak Life Insurance Company achieved footing in the southern insurance market of India. This happened after the parent company Kotak Mahindra Bank (0.44% BSE shares) had acquired ING Vysya Bank (-0.32% BSE shares) previous to aid the bancassurance channel of insurance sales. Kotak Life which is a conglomerate between South Africa Old Mutual and Kotak Mahindra Bank in a share ratio of 74:26. This new venture experienced a year on year growth of around 50% in the first quarter of the fiscal year which 16% higher than the average rate of growth.

    This new venture of ING and Kotak Mahindra proved to be a great move since, this move helped the parent company to push its insurance sales through bancassurance sales channels. Also, this partnership allowed the growth rate to see a growth from 35% to 50%. ING Vysya with about 677 branches mostly in the southern insurance market gave a foot over to Kotak Mahindra Bank of around 1200 outlets. The Kotak Life Insurance in the first quarter of its fiscal year had Rs 1289 than what they had same time during the previous fiscal year which is Rs 866 crores. This shows a clear 49% growth in the bank’s business. Although, the similar market players like Birla SunLife and Bajaj Allianz Life Insurance Co. had a year on year growth of 5% only.

Written By: PolicyBazaar - Updated: 04 November 2020
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 117 Reviews)
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Kotak Mahindra Life Insurance Reviews & Ratings

4.2 / 5 (Based on 117 Reviews)
(Showing Newest 25 reviews)
Shekhar
Asifabad, March 19, 2019
Investment plan with insurance protection
I am a happy customer of kotak Life as its investment plan provide wealth maximization and insurance protection.
Nirmal
Kheda, July 20, 2016
Kotak Insurance
Term insurance plan of mine is perfect one, and i bought this from kotak mahindra life insurance. Online renewals, updates regarding the policy and many more facilities which reduces tension of waiting in the queue. Nice investment for securing the future and it reduces taxes too.
Babanpreet
Jaspur, July 20, 2016
Future Saving Plan
Kotak life insurance provides me the best child plan in low premiums. Service of the term is great and claiming become easy and so simple. Policy coverage and claims are high and investments are less. Good future security which comes with amy benefits.
Ekta
Kanpur, July 20, 2016
Coverage Is High
I have pension plan which purchase from kotak life. The service is fantastic, online service is so simple which can be access by anyone. Easy renewals though online portal. The executives and staff response so well to the customers which makes policyholder so comfortable.
Bhanu
Deoli, July 20, 2016
Good Service
Kotak life is very popular insurance company right now, i took pension plan from them in very low premiums. The service is fast and the claims are high. Policy coverage is high approx. 91% and it reduces the percentage of the tax paying.
Murli
Kamala_bagan, July 11, 2016
ULIP Policy
Ulip insurance policy is one of the very nice insurance option. The investment is less and benefits are more. Service provided by company is fantastic and claims are easily sanctioned. Policy coverage is high and the premium is less. Online service is nice which has easy interface.
Deepak
Gopalpur, July 11, 2016
Traditional Plan
My investment insurance policy is superb which comes in low investments. The premium is low and the returns are high. Service is fantastic which served by company staff. The online service is easy to use and anybody can access it easily.
Prashant
Gauriganj, July 11, 2016
Term plan
My term plan is perfect one and investment is less. Policy coverage is high and the claims are good which can be easily cleared by the help of staff members of the insurance company. Service is quick and online portal facility makes hassle free documentations and even renewal of the policy can be done.
Nirbhaya
Chandipur, July 11, 2016
Pension Policy
My pension insurance plan i purchased in low investments, the premiums is also less but the returns are high. Policy coverage is good and claims are simple to clear due to fast service given by staff members. Online service is also easy to operate and access it.
Sweety
Kherwara, July 11, 2016
Child Plan
My child insurance plan is good and it has low premiums which is very nice. The policy cover maximum expenditures for my child's future. Claims are high and easily sanctioned due to quick service provided by the company members.
Supriya
Ahmedabad, June 29, 2016
Good Service
The ulip insurance plan of mine is nice insurance policy in low premiums. The service is good and claiming get easily done because of fast service by executives. Policy coverage is high and internet portal service is easy to operate.
Tapasiya
Algum, June 29, 2016
Good
Policy coverage of my traditional insurance plan is low and returns are good. Service from staff of your company is fantastic with calm nature. Claiming is easy due to fast service facilitate by the executives. Updates are send to me regularly regarding the policy.
Rahul
Ahmednagar, June 29, 2016
Good
The term insurance plan I have is fantastic which has low premium and paybacks are high. Service provided is quick and on time. Internet web service is nice and simple to operate. Hassle free documentations and no paperwork.
Abhilasha
Akbarpur, June 29, 2016
Good
The pension plan I have is good insurance policy. Service provided by your staff of your company is good and fast too. The internet service is also nice and easily accessed. Good investment for my future. The any updates regarding the policy is mailed to me.
Manoj
Agartala, June 29, 2016
Good
I bought child insurance plan for my child. The insurance policy has very low premiums. Policy coverage is good and claims are high. Service is fantastic, web service is also easy to access. It reduces paperwork. Hassle free documentations.
Kiran
Udyapur, April 26, 2016
Marvelous Policy
The policy i have is kotak life traditional plan which is very good and the premiums are low with high in policy coverage 91%. The claiming part is very easy because the service is very fast with good response from the staff members. Nice future investment with tax savings. I like the policy plan.
Vinay
Laxmipur, April 26, 2016
Fantastic Plan
I bought kotak life traditional plan. Policy coverage is 88% and the premium is low. Claims are ~Rs.36 L. Service is quick and even the web services are also nice and the behaviour of the staff is perfect even after buying policy. Nice future investment with tax saving.
Dinesh
Haldwani, April 26, 2016
Very Nice
Kotak life traditional plan which have 91% policy coverage and the claims are easy to get because of fast services provided by the executives and staff members. The daily updates are texted and mailed time to time to may email id and cell phone. Good job team.
Yusoof
Laksar, April 26, 2016
Good Plan
The kotak life traditional plan i have is below average. The premium is good and the returns are less. You facilitate services are bit slow and the waiting is normal. Web services are better. Good future investment which save my taxes too. Please improve your services.
Jiten
Hiranpur, April 26, 2016
Above Average
I finally buy kotak life traditional plan. Policy covers almost all cases and the amount of returns is very high. Service provided by executives and staff members is fast and on time. Good future investment which save taxes too.
Tanishk
Bisalpur, April 26, 2016
Great Deal
My traditional policy plan is with kotak mahindra life insurance. The policy is great with maximum benefits. The policy coverage is high ~89%. The investment is low approx. Rs.11 K quarterly per year. The claims are good and easily cleared without waiting. Payback amount is nice ~rs.40 L.
Nirmal
Nizamabad, April 26, 2016
Fair Plan
I own kotak life traditional plan. Plan is good and premium is low. Policy coverage is high and payback returns too. Claiming amount is Rs.34 L. Service is fast like super sonic. The daily updates are mailed to me time to time. The behaviour of the executives and staff members are really very nice.
Mayank
Shahabad, April 26, 2016
Satisfied
Buy kotak life traditional plans. The policy coverage is ~93%. Services provided by executives is awesome. Claims are good and done without any interruption. Overall fine life insurance which have low premiums. Nice future investment and it saves taxes also.
Varun
Kosola, April 26, 2016
Power Plan
Policy has all benefits and the investments are also low. Around Rs.37 L is payback amount. Kotak mahindra life insurance provide me traditional plan which has nice facilities and the service is very quick. The service provided by the executives and staff members are really very good. The investment is good for future and it saves taxes also.
Manish
Roorkee, April 26, 2016
Trustworthy
I invest my money by buying kotak traditional policy plan. The policy coverage is good ~92% and the claims are high. The premiums are low ~14 K quarterly. Paybacks are really very good Rs.36 L. Good investment and tax saver policy plan.
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